Students in the Field
Relevant Financial Information while you are Overseas
FAFSA:
While you are overseas, file a FAFSA only if you can still receive financial aid from your institution and plan to do so. This is institution specific. You should be aware that only you can handle any student loan or FAFSA transactions. If you desiginate someone with the Power of Attorney while you are overseas, they cannot handle these transactions for you. If you have student loans you should monitor them online from time to time to see that unforseen things have not occurred to your account.
Tax Returns:
While you are overseas, you should file income tax returns even if there is no tax to pay. It is easier upon return to the U.S. when you file a FAFSA to have a continuous tax record than to demonstrate why you didn't need to file.
Credit History:
While you are overseas, you should maintain a credit history. Take a credit card with you and use it at least several times per year. This assumes you currently have a good credit history.
Car Insurance:
You may want to maintain car insurace while you are overseas. Purchase the lowest possible car insurance rates. If you talk to your agent there are some rates for no car and limited driving that are far less expensive than seeing your insurance rate jump because you haven't had insurance for two years. This happens to some, but not to all people who fail to maintain insurance. It seems to vary by state and doesn't happen to everybody. This assumes a current good driving record.
While you are overseas, file a FAFSA only if you can still receive financial aid from your institution and plan to do so. This is institution specific. You should be aware that only you can handle any student loan or FAFSA transactions. If you desiginate someone with the Power of Attorney while you are overseas, they cannot handle these transactions for you. If you have student loans you should monitor them online from time to time to see that unforseen things have not occurred to your account.
Tax Returns:
While you are overseas, you should file income tax returns even if there is no tax to pay. It is easier upon return to the U.S. when you file a FAFSA to have a continuous tax record than to demonstrate why you didn't need to file.
Credit History:
While you are overseas, you should maintain a credit history. Take a credit card with you and use it at least several times per year. This assumes you currently have a good credit history.
Car Insurance:
You may want to maintain car insurace while you are overseas. Purchase the lowest possible car insurance rates. If you talk to your agent there are some rates for no car and limited driving that are far less expensive than seeing your insurance rate jump because you haven't had insurance for two years. This happens to some, but not to all people who fail to maintain insurance. It seems to vary by state and doesn't happen to everybody. This assumes a current good driving record.
